Agmt25 CDBG Loan Agreement - Moreno

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CITY OF REDWOOD CITY HOME REHABILITATION LOAN AGREEMENT (CDBG FUNDS) This Home Rehabilitation Loan Agreement (this "Agreement") is entered into as of October 3a , 2025 (the "Effective Date"), by and between the City of Redwood City, a charter city and municipal corporation of the State of California (the "Lender"), and Martha Moreno, an unmarried woman and Adelina Moreno, an unmarried woman ("Borrower"). Collectively, Lender and Borrower are referred to herein as the "Parties." RECITALS A. The Lender funds a Home Rehabilitation Program (the "Program") by providing forgivable loans to low-income and moderate -income homeowners to perform substantial home rehabilitation and repair to help maintain and increase the diversity of housing types in all City neighborhoods and preserve and protect the City's current affordable housing stock. The Program is funded by the Lender with Community Development Block Grant Funds ("CDBG") from the United States Department of Housing and Urban Development ("HUD") and is subject to the requirements of 24 CFR 570 et seq. ("CDBG Regulations"). The Program is designed, operated and be administered by Habitat for IIumanity Greater San Francisco, Inc., a California nonprofit public benefit corporation ("Habitat"). B. Through the Program, Lender provides participating eligible homeowners with financing in the form of forgivable loans to fund the cost of substantial repairs to and/or rehabilitation of the homeowner's property. The Program requires the homeowner to be either a low-income or moderate -income household as those terms are defined in the CDBG Regulations and to occupy the property with the loan being due in the event of a transfer of the property asset forth in this Agreement. C. Borrower is the owner and occupant of the single-family home located at 142 Center Street, Redwood City, California, as more particularly described in the Legal Description attached hereto as Exhibit A and incorporated herein by this reference (the "Property"), and has applied to participate in the Program. The Lender and Habitat have reviewed Borrower's application to participate in the Program and have determined that Borrower is eligible to participate in the Program. D. In accordance with the terms and conditions set forth in this Agreement, the Lender has agreed to provide a loan to Borrower to finance repair and rehabilitation of the home located on the Property in accordance with a construction contract to be executed by and between Borrower and Habitat. L. The Parties wish to enter into this Agreement in order to set forth the terms and conditions of Borrower's obligations with respect to the use of the loan proceeds and completion of the repair and rehabilitation work on the Property, and the Lender's role with respect to financing of the construction work. REV: 10-02-25 LF ATIY/AGR.2025.255/Habitat for Humanity (142 Center (Moreno) CDBG Loan Agreement) (Page 1 of 21)